We live in a promising world for small business owners. Due to the advancements in technology, entrepreneurs can develop low-cost, high-quality products and services. Internet or email marketing, social media, and e-commerce make it easier than ever before to reach prospects in untapped markets worldwide.
As full of opportunities as this new business environment might be, it’s also challenging and extremely competitive. One way to stay relevant and push your business ahead is to be aware of the latest trends, implement them or adapt them to your business’ needs to reap all the benefits.
Here are some of the business trends you should start following.
Strength-Based Training vs. Remedial Leadership
The old saying “do what you’re good at, not what you love” has no place in the modern business world. Studies have found that when employees do what they love, their productivity level increases by 21%.
Instead of hiring people who all have the same skill, look for specialists and let them perform a particular task until they perfect it. For example, not all of the members of your marketing team should learn the details of your marketing strategy in depth, but they should become experts in a specific task, such as PPC advertising or social media marketing.
Bilingual Employees Are in High Demand
Whether it’s Spanish, French, German or Arabic, more and more companies are looking to recruit bilingual employees. So, it’s not hard to understand why the demand for multilingual speakers has increased in recent years.
There’s a growing number of immigrants living in the UK and the US that aren’t fluent in English. More and more companies are expanding their operations beyond borders and need employees who can help them understand the market and communicate with the prospects in those countries. More than that, customers expect bilingual assistance from the companies they do business with.
It’s Time to Embrace Millennials
Millennials have a bad reputation among employers. They see them as lazy, materialistic, and narrow-minded. But, that’s not true at all. They just have a different style than Baby Boomers and Gen X-ers.
Millennials are always looking for new ways to do their job better and more effectively. That can only lead to innovation. And, innovation can help your business become more competitive than ever before. As more and more businesses become aware of this fact, they will start embracing Millennials and try to adapt to their needs. That means flexible hours, the ability to work from remote locations, and a better work-life balance.
Connecting with Customers vs. Selling to Them
Talking about Millennials, they are the new powerhouse. One study found that they will have more than $1.4 trillion spending power by 2020. So, there’s no wonder that every brand today is making Millennials a priority.
The problem is that reaching out to Millennials is not that simple. They have different values, a distinct approach to life and, most importantly, they hate being sold to. Businesses must change their marketing strategies and focus on connecting with Millennials rather than pushing marketing messages to them.
If it’s done correctly, content marketing can be an effective way to market to Millennials and get them interested in your products.
The beauty (and curse) of the business world is that is an evolving organism. As the customers and markets change, so should your business.
If you want your business to remain relevant in 2017, then you should start following these trends.